This article develops a systemic international political economy analysis of the staling of the Doha Development Agenda. Starting by refuting the number thesis as the core determinant of the World Trade Organization dysfunctions, the article puts forward the proposition of an institution-system mismatch. The gap between the institution - WTO regime - and the international trading system unfolds in two directions: with the constitutive elements of multilateral trade system governance (the regime nature, the negotiating mode operatoire, the power equilibrium), the paper puts forward the existing gap between the negotiating agenda and the main international trade relations issues. The paper refutes the thesis of the number as the predominant explanation for the stalemate in negotiations. It identifies three failings in the multilateral trade regulation: the difficulties to develop a satisfactory doctrine linking globalization and development, de dilemma of markets contestability and rule making and the conflict of power between the historical capitalisms and the emerging capitalisms.